碳交易能促进工业企业绿色转型吗?  

Can carbon trading promote the green transformation of industrial enterprises?

作　　者：杨松令[1] 吕紫薇 刘亭立[1] YANG Songling;LYU Ziwei;LIU Tingli(School of Economics and Management,Beijing University of Technology,Beijing 100124,China)

机构地区：[1]北京工业大学经济与管理学院,北京100124

出　　处：《产业经济研究》2023年第3期44-56,共13页Industrial Economics Research

基　　金：国家社会科学基金一般项目(18BGL090)。

摘　　要：推动工业企业绿色转型,是实现“双碳”目标的重要路径。在碳交易框架下,以是否被纳入全国碳交易重点排放企业作为准自然实验,结合企业ESG(环境、社会和治理)水平,探究碳交易能否有效促进污染行业相关企业绿色转型。首先,结合经济利润函数,对工业企业参与碳交易的成本-收益进行理论模型推演;其次,采用三重差分(DDD)模型进行实证检验。研究发现:与清洁行业相关企业相比,碳交易能显著提升污染行业相关企业的ESG水平,促进其绿色转型。机制分析发现:一方面,碳交易通过绿色技术创新效应弥补成本,倒逼企业绿色转型;另一方面,企业被纳入碳交易市场能产生绿色信号,引起股市关注效应,促进企业绿色转型。此外,碳交易价格的联动作用和行政干预的协同作用,能够强化碳交易促进污染行业相关企业绿色转型的作用效果。以上研究为碳交易驱动工业企业绿色转型提供了新的经验证据,对于发展和完善全国碳交易市场、进一步推动“双碳”目标落地具有重要的现实意义。Promoting the green transformation of industrial enterprises is an important way to achieve the goals of"carbon peak"and"carbon neutrality".The framework of carbon trading and its inclusion in the national key emissions policy for enterprises is used as a quasi-natural experiment,and this paper considers whether the level of enterprise ESG and carbon trading can effectively promote the green transformation of polluting enterprises.First,combined with the economic profit function,the theoretical model of the cost-benefit of industrial enterprises participating in carbon trading is deduced.Second,the DDD model is used for empirical tests.The findings are as follows:compared with those in clean industries,carbon trading by polluting industries can significantly improve their ESG and promote their green transformation.Mechanism analysis shows that carbon trading makes up the cost through green technology innovation effects,forcing the green transformation of enterprises.Further,the inclusion of enterprises in the carbon trading market can generate green signals,arouse the attention effect of the stock market,and promote the green transformation of enterprises.In addition,the linkage effect of carbon trading price and the synergistic effect of the administrative intervention can strengthen the effect of carbon trading in promoting the green transformation of enterprises related to polluting industries.The above research provides new empirical evidence for carbon trading to drive the green transformation of industrial enterprises,and is helpful in developing and improving the national carbon trading market and further promoting“carbon peak”and“carbon neutrality”.

关 键 词：碳交易 工业企业 绿色转型 企业ESG水平 成本-收益分析 

分 类 号：F062.2[经济管理—政治经济学]